Finance Secretary Mark Drakeford said it was a historic moment as Wales became responsible for raising its own revenue through the new land tax replacing stamp duty and the new landfill disposals tax.

These are the key points:

£50m to develop a new rail station and park and ride facility in Llanwern, Newport

£340m to build 20,000 affordable homes

Capital funds earmarked for new trains when a new rail operator is found for Wales' commuter trains

An extra £10m to tackle homelessness

£70m to provide free childcare for three to four year olds

An additional £230m in 2018/19 for the NHS

The total budget is up from £15.05bn to £15.3bn

Prof Drakeford also revealed that the Welsh Government is considering introducing new taxes - possibly on vacant land, disposable plastic or even tourism.

The spending plans are expected to pass through the Senedd as Plaid Cymru AMs will be whipped to abstain as part of a two-year deal the party struck with the Labour-run administration, in exchange for around £210m of spending commitments.

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Prof Drakeford said: “This is a new Budget for Wales and marks another important milestone in our devolution journey as we prepare to take on new tax and borrowing powers from April.

"Rather than just setting out our revenue and capital spending priorities, this draft Budget is the first to outline the decisions we have taken to raise a proportion of our own revenue to support public services.

"Using these new powers, we have been able to introduce progressive and innovative tax plans, which will make a real difference to people’s lives, change behaviours and deliver improvements to all our communities.

"The UK Government’s decision to plough on with its flawed policy of austerity means we continue to face cuts to our budget.

"By the end of the decade, it will have been cut in real terms by 7% since 2010 – £1.2bn less to spend on vital public services.

"On top of this, the UK Government’s £3.5bn of unallocated cuts to public spending for 2019-20 continue to cast a shadow over our plans for the future – this could mean a further cut of up to £175m to the Welsh budget depending on where the unallocated cuts fall.

“Despite this, we have published two-year revenue plans to provide stability for public services so they can plan for the future and ambitious three-year capital proposals to build a more secure and prosperous Wales.

He also published a shortlist of ideas for new Welsh taxes - one of which he plans to propose next year to test Wales' new powers.

They are:

A levy to support social care

Vacant land tax

A disposable plastic tax

A tourism tax

Plaid Cymru's Adam Price

Plaid Cymru finance spokesman Adam Price said his party had secured a deal that would "deliver benefits to communities in every part of Wales".

But he added that Labour "will have to answer to the people of Wales as to why it is failing to deliver on its manifesto commitments such as lifting the pay cap and stopping the rise in tuition fees"

He claimed such omissions had "made future co-operation between the parties more and more unlikely".

UKIP group leader Neil Hamilton warned ministers about the risk of their new borrowing powers.

"You have to be able to pay back the money that you borrow - very often, of course, the payback time comes when it's extremely inconvenient indeed sometimes impossible to do so," he said.

The Welsh Conservatives said the deal was a "missed opportunity to tackle deep-seated issues like NHS underfunding".

Finance spokesman Nick Ramsay said: "This is the latest in a long line of sadly predictable backroom deals between the nationalists and the Labour Party, and further evidence that a vote for Plaid is a vote for Labour.

"Both parties have broken a number of election pledges to make this happen," he added.